Month: July 2015

Your editorial A humble man with big ideas (July 29) was poignant. With the death of Dr Abdul Kalam, India has not just lost a great scientist, but a great human being.

Two major incidents made this week particularly tragic for the country, as there was also a terrorist attack in Punjab.

Dr Abdul Kalam was a visionary, as he devoted his time to nurture young talent. He realised that the young generation is the backbone of the nation. He was also kind and compassionate. Dr Abdul Kalam strongly advocated an action plan to develop India into a “knowledge superpower”. His rich legacy will keep his memory alive. His books, particularly Wings of Fire and Ignited Minds, will carry his thoughts and ideas to millions of people. May his soul rest in peace.

Note: News U Wish to Read is a daily press review compiled and only covers articles published in the press, in the UAE, India and world around. Its purpose is to keep us informed of important news items which we all wish to not miss. Enjoy reading the below news items and links. More sections will come as it takes shape and interest. Your response to this initiative is highly appreciated.

Energy

UAE fuel prices for August announced

thenational.ae

Petrol prices across the country were today increased from Dh1.72 per litre of Special 95 to Dh2.14, an increase of 23.6 per cent. The revised price for Super 98 has been set at Dh2.25 and E Plus at Dh2.07. The price of diesel is set at Dh2.05, a 29 per cent drop from its previous price of Dh2.90. These prices come into effect on August 1 and will be fixed for the month. A new price will be announced on August 28. Dr Matar Al Nyadi, Undersecretary for the Ministry of Energy and chair of the Fuel Price Committee, said the new prices were based on average global prices for petrol and diesel during the month of July with the addition of transport, distribution and operating costs — as approved by the Cabinet for distribution companies. He said the committee would monitor the global prices of petrol and diesel daily and will announce the prices for the following month on the 28th of each month.

BP takes $10.8b pretax charge after $18.7b settlement. BP’s second-quarter profit slumped by nearly two thirds from a year ago as it grappled with lower crude prices and took a huge $10.8 billion charge related to the 2010 Gulf of Mexico oil spill. In a sign it was hunkering down for an extended period of lower oil prices, the British oil and gas company also cut its planned full-year capital spending again to “below $20 billion”, after cutting it 13 per cent to $20 billion (Dh73.4 billion) earlier this year. BP reached an $18.7 billion settlement with the US government and five states this month to resolve most claims from the oil spill five years ago, the largest corporate settlement in US history. While BP had been expected to take a $10 billion charge for this at some point, it said on Tuesday it had also agreed to pay up to $1 billion to resolve claims from local government entities, taking cumulative pretax charges for the Macondo rig explosion and spill that killed 11 workers to $55 billion. As a result, the company took a pretax charge of $10.8 billion in the second quarter, including a $9.8 billion charge related to the government settlements

Hikma buys Boehringer’s US generic drugs business to shore up market share

Thenational.ae

Hikma Pharmaceuticals of Jordan has acquired the US generic drugs business of Boehringer Ingelheim for $2.65 billion as it looks to bolster its falling market share in the US. The acquisition includes Boehringer Ingelheim Roxane, the production arm of the German company, and Roxane Laboratories, its research and development and sales and marketing arms. The deal adds 88 high-value products in specialisations such as oncology and respiration, and also increases Hikma’s pipeline of products under research and development to 89. “The transaction has significant strategic value for us, transforming our position and scale in the US generics market,” said Said Darwazah, Hikma’s chief executive. “The acquisition also significantly expands our manufacturing capacity and technological capabilities.” Hikma expects to increase Roxane’s revenue from the current $725 million to $775m in 2017.

Qatar Airways is in talks to purchase a stake in IndiGo, India’s biggest carrier

Thenational.ae

The “only airline” it is talking to is IndiGo, the Doha-based airline confirmed in an emailed statement, without elaborating, denying local media reports it was negotiating with rival SpiceJet. InterGlobe Aviation, the owner of IndiGo last month filed a draft red herring prospectus to sell shares in an initial public offering. “It could possibly be they take a minority stake,” Kapil Kaul, the South Asia chief executive officer for the Capa Centre for Aviation, said in an interview on Bloomberg TV India. But beyond that, he said he didn’t see what “value addition” Qatar would bring to IndiGo. Low fares and economic growth that boosted incomes over the past decade helped IndiGo find first-time fliers and become the biggest airline in the world’s second-most populous nation. The profitable carrier is a rare bright spot in India’s fiercely competitive aviation sector, where carriers have lost a combined $10 billion since 2009 and IPOs have fallen below sale prices. IndiGo, which flies mostly within the country, operates a fleet of single-aisle planes from Airbus. The carrier started operations in August 2006 just as a rash of budget airlines entered the country, challenging full-service carriers like Jet Airways India Ltd. on expectations that rail passengers would trade up to flights.

t’s raining automatic SUVs. Just a week after the launch of the Hyundai Creta, Mahindra has now launched an automatic variant of its popular SUV Scorpio. The Scorpio automatic will be offered in a 2WD as well as a 4WD option, both of which will be sold in the top-of-the-line S10 variant. The Nashik-based car maker has priced the Scorpio automatic 2WD at Rs 13.13 lakh, while the 4WD version will cost Rs 14.32 lakh. All prices ex-showroom Delhi).

President, VP, and Abu Dhabi Crown Prince offer condolences on death of former Indian president

thenational.ae

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a cable of condolences to Indian President Pranab Mukherjee on the death of former president of India APJ Abdul Kalam. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, also sent similar cables to the Indian President.

More schools should introduce environmental subjects and teach about the importance of recycling as early as possible to produce caretakers for tomorrow’s world, educators say. “It’s never too early to educate students on the benefits of recycling,” said D J, a science teacher at Glenelg School in Abu Dhabi. “The younger you start, the more natural it becomes and eventually it is just second nature. “This is important as they are the ones who will be able to affect the future.” D J, who has lived in Abu Dhabi for almost 20 years, teaches recycling and pollution in her social studies classes using the three Rs: reduce, re-use and recycle. “Many students understand it as a concept but I’m not sure they understand how important it is to apply,” she said. “This is especially true for water, which isn’t as easily recycled as plastic, for example, and significantly more useful.” K C, a British teacher, said that it was essential to teach recycling as part of the curriculum.

Researchers report on how and when sensory information is used by mosquitoes to home in on hosts. It may be largely impossible to avoid getting bitten by a mosquito unless and otherwise one can stay in an environment free of carbon dioxide for extended periods, remain nearly invisible and have a cool body temperature. This is because mosquitoes use smell, visual and thermal cues that are both sequentially triggered and act independently to locate a human host, a study found. The smell of carbon dioxide exhaled by humans acts as a trigger and influences the attractiveness of the visual objects that are as far away as 15 metres in the case of humans. An earlier study had found that mosquitoes could detect carbon dioxide as far away as 60 metres in a riverine habitat when its concentration was above the background level. Once close to a human host, the presence or absence of carbon dioxide becomes irrelevant as they are then guided by body warmth, volatiles emitted by the skin and humidity to land at a feeding site.

There is an urgent need to rethink our current education criteria, the manner of functioning and the quality offered, says Dr. M.R. Jayaram, Chairman, MS Ramaiah Group of Institutions. The biggest issue facing this country is the magnitude of uneducated unemployed, says Dr. M R Jayaram, Chairman, M.S. Ramaiah Group of Institutions. There is a huge dearth of skills and these skills are not related to medicine, engineering and such but raw skills such as carpentry, masons, blacksmiths to name a few as our education system is lopsided, without provision for imparting these, opines Dr. M.R. Jayaram. Discussing the state of education in our country at length , Dr. M.R. Jayaram averred that there is an urgent need to rethink our current education criteria, the manner of functioning, the quality offered as well as the curriculum and field based training techniques incorporated. According to him, a couple of decades earlier, the segment opting for higher education after completing basic education was barely 10 per cent. “This is not the case now. Yet, instead of focusing on imparting skill based education for these new aspirants, we continue to focus on mass education,” he says.

Campaign PASS (Promote All Sports Simultaneously) is an initiative started through my blog to promote all sports(other than cricket – which gets lot of attention) and sports personnel associated to give them more exposure.

India to field biggest ever team at World Badminton Championships

The Times of India

India will be fielding its biggest and strongest team at the World Badminton Championships in Indonesia, providing them their best chance of winning medals at the prestigious tournament next month. It is for the first time that India will have two players within the top 5 – Saina Nehwal (World No 2) and Kidambi Srikanth (World No 3) as they lead the Indian charge at the Championship which gets underway at Gelora Bung Karno in Jakarta from August 10. Jwala Gutta and Ashwini Ponnappa had ended India’s 28-year-old medal drought at the World Championship when they won the women’s doubles bronze in 2011 and then singles player P V Sindhu clinched the bronze medal twice in 2013 and 2014 editions. However, a medal at the world meet has eluded Olympic bronze medallist Saina, who has not progressed beyond reaching the quarterfinals five times.

Note: News U Wish to Read is a daily press review compiled and only covers articles published in the press, in the UAE, India and world around. Its purpose is to keep us informed of important news items which we all wish to not miss. Enjoy reading the below news items and links. More sections will come as it takes shape and interest. Your response to this initiative is highly appreciated.

Energy

UAE fuel price change would cost about $387 per head this year

thenational.ae

The government’s move to cut transport fuel subsidies would cost UAE residents an average of US$387 per head this year, although some households would be hit harder than others, according to the debt rating agency Moody’s Investors Service. The UAE was widely lauded for its move last week to cut fuel subsidies to promote efficiency, reduce environmental damage and encourage public transportation usage. Moody’s yesterday echoed others in saying that the move would have a positive impact on the public finances of the UAE and Abu Dhabi, as well as their credit ratings. Among the unanswered questions, however, is how quickly the government will move transport fuel prices towards market prices, how exactly it will define market prices and how much that will add to the average Emirates resident’s fuel budget every year. In Moody’s analysis – which relies on IMF data – the annual subsidy rate for transport fuels in the UAE is $730 for each of its 9.6 million residents, based on an estimated average oil price of $58 per barrel this year. But nearly half of that (47 per cent) is “external” costs, such as the environmental damage, traffic congestion, road wear and tear and forgone taxes which would not be transferred to drivers. The direct subsidy this year would total about $387 per head, according to Moody’s.That compares to a direct subsidy of about $583 per head in 2013, when oil prices averaged more than $90 per barrel.

Dewa closes financial close for second phase, Dh30b project to generate 1,000MW by 2019. The ambitious target set by Dubai to boost the share of renewable energy mix to seven per cent by 2020 is getting closer to reality with the state utility announcing the financial close for the second phase of the Mohammed Bin Rashid Al Maktoum Solar Park on Sunday. The Dh30 billion Solar Park, one of the largest renewable energy projects in the region, has a planned capacity of 1,000MW by 2019, which can be increased up to 3,000MW by 2030. The project has been envisaged to meet the goal set by Dubai Integrated Energy Strategy 2030 to enhance solar energy share mix to seven per cent of Dubai’s total energy production by 2020 and 15 per cent by 2030. The 200MW Phase II project is a photovoltaic plant that will be based on the independent power producer model, the state utility, Dubai Electricity and Water Authority (Dewa), said on Sunday. To be operational by 2017, the second phase involves the installation of over 2.3 million solar PV panels. “Today, Dewa adds another milestone in history at the Mohammed Bin Rashid Al Maktoum Solar Park, which is one of the largest renewable energy projects in the region. This is in line with the directives of the President His Highness Shaikh Khalifa bin Zayed Al Nahyan to produce renewable energy locally to sustain our precious resources and support growth of a new promising sector. It also supports the Green Economy for Sustainable Development initiative, launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai,” said Saeed Mohammed Al Tayer, managing director and chief executive of Dewa.

Abu Dhabi Aviation, the largest commercial helicopter operator in the Middle East, said it will target contracts in Iran if sanctions are removed as it posted a 36.5 per cent jump in second-quarter net profit. That sent the stock surging 11 per cent yesterday. The company reported net profit of Dh67.39 million compared with Dh49.3m a year earlier. Revenue for the quarter was Dh518m compared with Dh382.2m a year earlier. Abu Dhabi Aviation will mainly target oil companies in Iran and those in the tourism, transport and medical evacuation sectors, said Ashraf Fahmy, the chief financial officer. “The last time we served the Iranian market was in 2007.” Mr Fahmy said he expected to face competition from the likes of Qatar’s Gulf Helicopters and Falcon Aviation from the UAE. Abu Dhabi Aviation operates a fleet of 61 helicopters, according to its website, making it the largest operator in the region. Mr Fahmy said that Maximus, its previously struggling air cargo division, has turned around its operations after restructuring.

The UAE will cut spending in 2015 for the first time in 13 years, as low oil prices lead the government to take major action on reducing energy subsidies, according to the first official breakdown of the government’s spending plans for the year. Government spending is set to fall by 4.2 per cent to Dh460 billion in 2015, down from Dh480bn last year, data from the Central Bank and the IMF shows. The country had increased spending by an average rate of 12 per cent each year since 2004. The governments of the UAE – the seven emirate-level governments plus the federal government – plan to acknowledge IMF recommendations to reduce spending on subsidies by more than a third across 2015, the data show. Spending on subsidies is set to fall by 34.3 per cent to Dh13bn this year, which represents a Dh6.8bn reduction. That is a result both of falls in commodity prices, and the phasing out of subsidies on consumer products. Reductions in subsidies have already begun – Abu Dhabi Distribution Company ended subsidies on electricity and water for expats in January, and the Ministry of Energy has announced plans to phase out fuel subsidies. The government also plans to reduce grants by almost half – with spending set to fall to Dh11.3bn, down from Dh21.9bn last year. The UAE plans to increase spending on public sector wages by 3.4 per cent this year, with the government’s wage bill set to increase to Dh 48.8bn this year, up from Dh47.2 bn last year.

Car sales in the GCC are expected to increase at a much slower rate this year compared with the double-digit jump of 2014, as consistently lower oil prices put the brakes on economic growth. Data from the consultancy IHS Automotive show that first-half sales in the GCC were 890,000 units. Overall sales this year are expected to reach about 1.88 million units compared with 1.78 million last year – a growth of 5.6 per cent. “The market is growing but not at the rate seen last year,” said Pierluigi Bellini, manager for the Middle East and Africa at IHS Automotive. “We have seen varied performance across the region.” Oil prices have fallen by more than half since June last year and have been hovering around the $60 mark in recent months. As a result, the IMF has revised growth forecasts lower for the UAE and Saudi Arabia in the past few months. The UAE’s GDP growth of about 4.2 per cent last year is expected to slow to 3.2 per cent this year. Saudi Arabia, which gets nearly 88 per cent of its revenue from crude exports, will grow 3 per cent this year compared with 3.6 per cent last year. According to IHS Automotive, the UAE led the region in car sales growth during the first half of this year at 3.5 per cent compared with last year. Saudi Arabia followed at about 3.2 per cent, while Kuwait barely showed gains of about 1 per cent. Oman, meanwhile, was the only country to record negative growth.

Popular former head of state dies aged 84 after collapsing during lecture. Former Indian president A.P.J. Abdul Kalam died here on Monday evening following a cardiac arrest, hospital sources said. Dr Abdul Kalam, 84, was rushed to Bethany hospital in Nongrim hills after he collapsed while delivering a lecture to students at the Indian Institute of Management at around 6.30pm.

The Environment Agency Abu Dhabi is researching the amount of water consumed by palm trees in order to promote resource conservation and create guidelines for farmers. Scientists initiated the project in the Western Region by conducting experiments on a natural preserve of palms near Madinat Zayed. The head engineer for the project, Wafaa Al Yamani, said the project was timed to coincide with the Liwa Festival to garner attention to the over-watering of palm trees. “We will be monitoring the rates of use of irrigation water and using smart water meters, which in turn will provide the wildlife management agencies and the Environment Agency Abu Dhabi information on the amount of water used by palm trees,” said Ms Al Yamani, an Emirati. Through empirical research, the end result is to establish the amount of water needed by palm trees hourly and at varying temperatures. Scientists will also test soil salinity levels and water balance. The research model conducted on palm trees, said Ms Al Yamani, will also be used to study other native plants in the region.

An anklet attached to a special running sock helps you improve your running technique. Running is a brilliantly simple and effective way to get fit. It takes less time than you would spend commuting to your gym and you can experience the goodness that only a stress – relieving workout can bring about. However simple it might sound, running is not easy. Most of us get a coach for whichever form of exercise we choose – from weightlifting to pranayama. But, as far as running is concerned, we assume we don’t need a coach for we’ve been running since childhood. But, if the technique is wrong, it will eventually cause you chronic pain that will force you to give it up.

Campaign PASS (Promote All Sports Simultaneously) is an initiative started through my blog to promote all sports(other than cricket – which gets lot of attention) and sports personnel associated to give them more exposure.

Good training facilities will improve chess in India: Tania Sachdev

The Times of India

She may not have reached the dizzying heights and star status that the likes of Sania Mirza and Saina Nehwal enjoy, but those who know chess in India will know that Tania Sachdev has been no less an inspiration for girls taking up the sport. Sachdev, who began playing when she was just six, was the only girl competing in chess tournaments from Delhi for a long time. TOI caught up with the 28-year-old International Master and woman Grandmaster, after she participated in the Redbull tweet chess event, which saw her play chess against hundreds of people on Twitter. Excerpts from an exclusive interview.

My humble pranams to the departed soul of Dr APJ Abdul Kalam, a noble soul and a personality that can never be replaced. This was a photo taken while my trip to Rameshwaram in October 2012. It shows how ordinary people value him and his contribution to the nation. It was the first time, I saw an ad of this kind.

Note: News U Wish to Read is a daily press review compiled and only covers articles published in the press, in the UAE, India and world around. Its purpose is to keep us informed of important news items which we all wish to not miss. Enjoy reading the below news items and links. More sections will come as it take shape and interest. Your response to this initiative is highly appreciated.

Energy

Iran seeks $85 billion investment for petrochemicals sector

thenational.ae

Iran is looking for US$85 billion in investment for its petrochemicals sector and aims to increase production by a third this year. Moayed Sadr Hossein, the chairman of the Iranian parliament’s petrochemical subcommittee, was quoted as saying by the official Fars news agency yesterday that the country needs such an investment, some of which has already been earmarked for this year. Of all the country’s export sectors, the petrochemicals one is expected to get the quickest boost from the agreement to lift nuclear-related sanctions on Iran, which was reached earlier this month by the United States and five other countries involved in negotiations. The government’s National Development Fund of Iran has already committed $5bn to the sector, and a further $2.5bn is needed to boost production from 45 million tonnes annually to 60 million tonnes, according to Abbas Shari Moqaddam, the head of National Petrochemical Company (NPC). NPC had previously targeted a production rate of at least 50 million tonnes annually by next March.

Motorists may wince, but the UAE’s move to remove subsidies on fuel prices has long been expected. Paradoxically, falls in global oil prices made it inevitable. And the possible short-term pain is more than outweighed by the long-term benefits for national development and the environment. UAE petrol and diesel prices are set by the government, and, despite an increase in 2010, have been well below global levels. This leads to large losses for the government-owned retailers Enoc, Adnoc and Emarat. Adnoc has the advantage of producing its own oil, but Enoc and Emarat have to buy theirs on the open market. Fuel prices have not exactly been “deregulated”, as reports had it – they will still be set monthly by a government committee, but now will follow global price levels. I have long advocated this move, but the timing is good. The fall in global oil prices puts stress on government budgets across the Arabian Gulf, encouraging governments to search for savings. It also means that fuel prices will not increase by much initially. Current pre-tax US prices for regular petrol are about Dh2.20 per litre, implying that UAE prices could rise about a quarter from the current Dh1.72 per litre level. With petrol comprising about 3 to 4 per cent of an average UAE family budget, that suggests that the fuel price increase could lead to a one-off increase in inflation of just under one percentage point. The overall inflation rate was 4.2 per cent last month. On the other hand, diesel prices could actually fall. The standard price outside Abu Dhabi is at Dh3.42 per litre, well above US pre-tax rates of about Dh2.26 per litre. Diesel, used in buses and lorries, is the main influence on commercial transport rates, and hence affects the prices of goods in shops.

They could remain so given that higher Iranian supply will only come by late 2016. The oil market is languishing and the trend is downward judging by the movement of benchmark crude prices. The price of Opec’s basket of crude oils posted $53.79 a barrel on July 20, down from $64.96 on May 6. Brent crude oil prices posted $56.67 a barrel, down from $69.63 during the same period. The reasons are many. Most importantly, concerns about more than 2 million barrels a day (mbd) of oversupply is what really matters. Opec production is now 31.7 mbd according to IEA and 31.4 mbd according to Opec, which is well above the ceiling of 30 mbd decided by the organization. Production in Saudi Arabia, Iraq and UAE rose last month. Other factors weighing on oil prices are the Greek crisis and its possible impact on growth in the Eurozone. Even the EU bailout deal may not be met with a popular acceptance for its severe austerity measures. The relative slowdown in China may not only impact oil demand but also the filling of China’s strategic petroleum reserves.

Abu Dhabi’s economy grew at an estimated 2.2 per cent last year despite the collapse in oil prices as its diversification efforts paid off, according to a report from Statistics Centre Abu Dhabi. The emirate, the world’s eighth-biggest producer of oil, said its GDP rose to Dh952.6 billion in 2014 from Dh931.7bn in 2013, when GDP rose 2.4 per cent. The share of non-oil activities in GDP at constant prices increased to 49.5 per cent in 2014 from 38.7 per cent in 2004. Away from oil, construction was the biggest contributor to growth. Construction had a 9.6 per cent share of non-oil GDP, while finance and insurance accounted for 7.2 per cent of the non-oil economy. Crude oil, the lifeblood of many economies in the region, fell more than 50 per cent last year amid a drop in demand from emerging markets such as China, the world’s second-largest economy, and an increase in production in the US. The UAE’s federal government relies on oil revenues to fund more than 60 per cent of its budget. Despite that drop, the UAE economy is estimated to have grown more than 4 per cent last year. As a result of the oil slump, many economists – including those at HSBC, Standard Chartered and the IMF – have lowered their growth forecasts for Arabian Gulf countries this year. The IMF cut its estimate of the UAE’s GDP growth to 3.2 per cent. In January, the ratings agency Moody’s estimated that Abu Dhabi’s economic growth rate would slow this year – to below 3 per cent.

The increase in fuel prices will further exacerbate the rising cost of living, which could result in people being forced to consider leaving the UAE, expatriates said. Although residents welcomed moves by the Government to deregulate the cost of petrol as a means of reducing the number of gas-guzzling 4x4s on the road and force motorists to downgrade to more fuel-efficient cars, they are worried about the effect the increase will have on their finances. “People move to Dubai for many reasons, but one of them is for the low fuel costs,” said South African mother-of-two Ilse Onderweegs, who had noticed the cost of living rising month by month, from groceries to childcare and schooling. “If things increase much more we will have to re-assess if it is worth staying. At the moment it is getting harder. “Over the years costs have increased dramatically – increased fuel prices will mean increases in flight tickets and food, because most things need to be imported to the UAE. “My kids are both in school from September. I will need to do more lifts and club together with other parents that live close by. “It will also mean the kids will be restricted to fewer school activities. Schooling is already very expensive in Dubai.”

In the backdrop of rising interest rates in the United States and thereby stronger dollar, much more downside is expected in the yellow metal. Gold seems to have lost favour among investors, in the backdrop of rising interest rates in the United States and therefore a stronger dollar. Much more downside is expected in the yellow metal, analysts say, which could push more investors away from the non-dividend paying asset. International spot gold has continued its rout, and on Thursday it extended losses for a tenth straight session, it’s biggest since 1996. Gold was at $1,100 (Dh4,037) an ounce, down $300 from levels seen in 2013. However, the current rout was triggered after China on July 17 disclosed that their reserves were up by 60 per cent at $1,658 as of end of June, much lower than analysts expectations. “The [China] news disappointed the market as people thought they had bought more gold because their share of gold of total currency reserves were pretty low,” Carsten Menke, commodity analyst with Bank Julius Baer & Co told Gulf News from Zurich. “On Monday morning, after Asian trading started we had a huge fall in gold price. The speed and magnitude pointed to short selling by hedge funds in Asia,” Menke said. A more significant technical development was that the sell-off on July 20 was preceded by large redemptions from gold ETFs, almost 504,000 ounces were withdrawn from global gold ETF’s on July 17, the largest one-day decrease since July 2013, said Cesar Perez, Global Head of Investment Strategy, J.P. Morgan Private Bank.

India has seen the second-biggest outflow of high net worth individuals in last 14 years, with as many as 61,000 millionaires shifting base to abroad due to reasons like tax, security and child education, says a report. A joint report by New World Wealth and LIO Global said the change in domicile, along with a rise in second citizenship applications, has increased dramatically since the turn of the century. Some 61,000 uber-rich Indians have changed domicile between 2000 to 2014 — second only to China which saw an outflow of 91,000 ultra-rich persons in the same period, the report said. “Indian HNWIs tend to move to the UAE, the UK, the US and Australia,” the report said, adding that Chinese HNWIs mainly moved to the US, Hong Kong, Singapore and the UK. Overall, the UK has seen the biggest inflow of HNWIs from abroad and the figure stood at 1.25 lakh over the past 14 years. Other countries that saw significant HNWI outflows include France (42,000), Italy (23,000), Russia (20,000), Indonesia (12,000), South Africa (8,000) and Egypt (7,000). The factors of the outflow, according to the report, include turmoil in home country, security concerns and optimising education of children. Most of the HNWIs who moved into the UK came from Europe, Russia, China and India. There were also substantial numbers that came from the Middle-East and Africa, the report added. In terms of inflows of HNWIs, the UK was followed by the US and Singapore.

Tough UAE social media law could see expats deported for saving someone’s photo

Thenational.ae

Phone and computer users have been warned against falling foul of the 2012 law against cybercrime. Simply possessing on an electronic device a photo taken without the subject’s consent is an offence for which expatriates could be deported, a leading prosecutor said. Mohammed Al Dhanhani, head of the family prosecution service in Abu Dhabi, also said more people were being ordered to leave the country because they had insulted their spouse on messaging platforms such as WhatsApp.

Article 21 of the Federal Decree No 5/2012 on combating cybercrimes

One is punished by a jail sentence of no less than six months and a fine that is of no less than Dh 150,000 and not more than Dh 500,000 or by either of those two punishments whoever uses an information network or automated information system or one of the information technology methods to attack the privacy of a person in the unwarranted circumstances legally by one of the following methods:

Publishing news, electronic photographs or photographs or scenes, comments, data and information even if they are authentic.

Is it also punishable by a jail sentence of no less than one year in and a fine of no less than Dh 250,000 and no more than Dh 500,000 or by one of those two punishments, whoever uses an automated information system or one of the information technology methods to conduct an amendment or an edit to a recording or picture or scene, with the intention to defame or offend another person, or to breach their privacy.

Some missions can issue a passport within minutes, others within days, others in weeks or months. How long does it take to renew your passport here in the UAE? Days? Weeks? Months? Minutes? Yes, apparently in one case, it could take a few minutes, Gulf News has learnt. Getting a new passport can be arduous for some residents, especially those who need to travel and forgot to renew their travel documents. While some have to take a day off work to apply for a new passport and receive it days or weeks later, there are those who can get their actual ordinary passport within minutes, and yet others within three business days.

Different missions have different policies that influence the processing time and delivery of passports.

DISCLAIMER: The TIME mentioned below takes into consideration the actual processing of the passport, issuance and, in some cases, delivery. This is not an exhaustive list as there are many more foreign missions in the UAE.

1) ITALY

Time: 20 minutes

Validity: 10 years

Cost: Dh485

2) INDIA

Time: Minimum 7 working days (Dubai-issued passport)

Minimum 3 working days for passports under Tatkal scheme (Urgent or emergency cases)

To be able to manage yourself, you finally have to ask, “What are my values?” This is not a question of ethics. With respect to ethics, the rules are the same for everybody, and the test is a simple one. I call it the mirror test. In the early century, the most highly respected diplomat was the German ambassador in London. He was clearly destined for great things—to become his country’s foreign minister, at least, if not its federal chancellor. Yet in 1906 he abruptly resigned rather than preside over a dinner given by the diplomatic corps for Edward VII. The king was a notorious womaniser and made it clear what kind of dinner he wanted. The ambassador is reported to have said, “I refuse to see a pimp in the mirror in the morning when I shave.” That is the mirror test. Ethics require you ask yourself, “What kind of person do I want to see in the mirror in the morning?” Ethics is only part of a value system—especially of an organisation’s value system. To work in an organisation whose value system is unacceptable or incompatible with one’s own condemns a person both to frustration and to nonperformance. Organisations, like people, have values. To be effective in an organisation, a person’s values must be compatible with the organisation’s values. They do not need to be the same, but they must be close enough to coexist.

It is easy to imagine a perfect flight: watching our favourite film on the entertainment system, having an empty seat next to us so we can stretch out and enjoying the view from the window as we land. For airlines, a perfect flight is very different, it involves maximising efficiency to save time and fuel and, in doing so, cutting the carbon footprint. On May 24, Etihad Airways operated just such a perfect flight, a special Boeing 787 Dreamliner service from the carrier’s Abu Dhabi base to Washington DC. By altering ascent and descent, perfecting the route, optimising ground handling and other measures, the 13-and-a-half-hour flight saved 4,100 litres of fuel and 10.7 tonnes of carbon emissions. Achieving this required collaboration with 30 services, from ground handling to air navigation.

An insurance company has launched a road assistance mobile application for reporting a car breakdown. The AssistPal app has been launched by Oman Insurance Company to offer its motor insurance customers services such as tyre changes, battery jump starts and roadside recovery. AssistPal will send the vehicle’s exact location via the phone’s GPS feature. “Once help is on the way, drivers can track the real-time location of the assigned service provider on the map,” said Haris Mylonas, executive vice president at OIC’s consumer division. The app’s release follows the signing of a new contract between OIC and the International Travel Assistance Company, which will provide roadside and travel assistance to OIC customers.

Campaign PASS (Promote All Sports Simultaneously) is an initiative started through my blog to promote all sports(other than cricket – which gets lot of attention) and sports personnel associated to give them more exposure.

We could have avoided hockey mess if Rajyavardhan Singh Rathore had been sports minister

Economictimes.com

Independent India’s first winner of an individual Olympic silver medal should have been the county’s minister of state (MoS) for sports and not for information and broadcasting. Rajyavardhan Singh Rathore, the silver medallist for double-trap shooting at the 2004 Athens Olympics, would have known the effort required to perform at the highest level in international sports. He would not have let egocentric officials like Hockey India (HI) chief Batra run amok, sacking the very coaches who were successfully striving to get India back to its Olympic best.

Note: News U Wish to Read is a press review compiled and covers articles published in the press, in the UAE, India and world around. Objective is to keep us informed of important news items which we all wish to not miss. Enjoy reading the below news items and links. More sections will come as it take shape and interest. Your response to this initiative is highly appreciated.

Energy

Solar power in UAE is not ready to replace diesel as subsidies end

thenational.ae

The solar-energy sector is not ready to become a replacement for diesel power as the UAE Government lifts fuel subsidies next month, experts say. Solar energy is still considered a newcomer to the country’s power scene as regulations lag. Although Abu Dhabi and Dubai have renewable energy targets, Dubai is the only emirate to have set guidelines to allow residential and commercial users to install rooftop solar photovoltaic (PV) panels for power generation. Yet as few residents own their homes, residential rooftop solar is not applicable. “Alternative technology, especially renewable energy with a focus on solar, was up to par with the lifting of subsidies, but we are not there yet,” said Hadi Tahboub, the vice president of the Middle East Solar Industry Association (Mesia). “There has to be a build-up of ideas and innovation to accommodate the needs of communities, business and economy to enable us to say that we’re not just cutting down on fuel emissions, but we’re continuing to transform the UAE.” The removal of fuel subsidies, set to begin next month, will mean users pay more for items such as petrol and diesel.

Cash insurance: Petrol pumps to install ATM-like machines to secure cash and men

Economictimes.com

Cash worth well over Rs 1,000 crore changes hands at petrol pumps in India every day. This is what makes the filling stations and their staff easy targets for criminals. But now, by beginning to use the services of cash logistics firms, petrol pumps have started securing their cash and men. On average, one petrol pump is targeted by criminals every six hours in India, said Ajay Bansal, chief of the All India Petroleum Dealers’ Association, highlighting the point that handling cash by dealers is a big challenge. “Everyone is averse to cash; it’s a big headache.” This has driven Bansal to buy the services of AGS Transact Technologies, a cash logistics firm that manages bank ATMs as well as provides technological solutions to fuel stations.

Petronet LNG is facing a tough challenge as it is locked in a contract that makes it buy the world’s most costly liquefied natural gas, and officials say that there are long-term risks of fierce competition from rivals as well as its own promoters who are planning to build terminals to import gas, putting them in a situation of conflict of interest. The company that pioneered the import of super-cooled natural gas, faces severe competition in the years ahead as many new import facilities are being planned. India has a capacity to import 25 million tonnes per annum (mtpa) of LNG, of which only 17 mtpa is operation as the Dabhol terminal is severely underutilised and the 5 mtpa Kochi terminal of Petronet lacks proper pipeline capacity.

The chairman of the UAE’s new fuel price-setting committee says he expects diesel prices to dip and petrol prices to rise slightly. Starting on Tuesday, the panel would determine retail fuel prices on a monthly basis, said Matar Al Nyadi, an undersecretary at the Ministry of Energy and chairman of the gasoline and diesel prices committee. The fuel prices will be determined by the average prices from the previous month recorded by various international fuel price trackers – such as Oil Price Information Service – plus a margin for the distribution companies, Abu Dhabi National Oil Company and Emirates National Oil Company. Mr Al Nyadi did not disclose which benchmark or margin level would be used, but said it would become apparent over the next few months. “We think the price of diesel initially will go down a little and gasoline might go slightly up,” he said.

The world’s first malaria vaccine got a green light on Friday from European drugs regulators who recommended it as safe and effective to use in babies in Africa at risk of the mosquito-borne and lifer-threatening disease. The shot, called Mosquirix and developed by British drug maker GlaxoSmithKline and the PATH Malaria Vaccine Initiative, would be the first licensed human vaccine against a parasitic disease and could help to prevent millions of cases of the killer disease in countries that use it, Reuters reported. Mosquirix, whose scientific name is “RTS,S” has been designed to prevent malaria caused by the Plasmodium falciparum parasite, which is most prevalent in sub-Saharan Africa. It is the first vaccine to be developed which counters the effects of a parasite.

A massive palm tree branch dazzled the first visitors of Liwa Dates Festival, showing off an outstanding richness of the ratab harvest. The branch weighed an impressive 116 kilograms, the biggest and heaviest of all the 17 entries in the festival’s Biggest Etheg (dates palm tree branch) competition. “The winning etheg is of shahal dates and it comes from a farm in Liwa. We will officially announce the winner tomorrow evening and he will walk away with a cheque for AED 50,000,” said Nasser Seif Al Mazrouei, supervisor of the dates competitions at the festival. As in all dates mazeynah (beauty) competitions, the top 15 positions will be awarded and for the Biggest Etheg the prizes start from AED 50,000 for the first place and end with AED 2,000 for the 15th place. Along with submissions for the Dabbas dates competition, the Biggest Etheg was the first contest in this year’s Liwa Dates Festival, which opened on Wednesday evening in the desert oasis of Liwa, some 200 kilometres south-west of Abu Dhabi, in the emirate’s Western Region.

Campaign PASS (Promote All Sports Simultaneously) is an initiative started through my blog to promote all sports(other than cricket – which gets lot of attention) and sports personnel associated to give them more exposure.

It’s monsoon season in Kerala and raining heavily in most of the parts. It is also coinciding with the summer holidays and Eid holidays and the state is filled with tourists and residents visiting the state for short holidays. Add to it the numerous student communities who are on transitory phase moving from one course to another. Every possible tourist destinations are full.

Due to heavy rains and the prevailing weather conditions, the sea is very rough these days. At most of the places, statutory warnings have been placed not to venture into the sea when it is rough. There are police and safety personnel in place.

However, it is often noticed that certain young individuals never follow these warnings. They do risk their life and then get themselves in dangerous situations with no possible way to come out.

An incident happened last week during my visit where a group of students from professional colleges drowned at Kovalam beach. 1 died and no information about 4 others! It is sad to know that they were warned by the safety wardens to stay away. But..

I was at another prominent beach on the same day and the situation there too was not different. The sea was rough and many were risking their life and playing in the rough sea.

This is not a one-off situation. We come across the same or different life threatening situations many times.

Why is that our youth do not respond to safety warnings with promptness and respect?

Does that show the need for including HSE as an important individual subject in our curriculum and teach children from a young age to be alert and be safe at all times.

Do you agree with me? (I value your comments).

As I update this post late night 5 days after the incident, there is absolutely no news about the 4 young professionals who were swept away by the tides of Kovalam beach. I also pray for their safe return, with little hope, and for the courage of their friends and family for any adverse news.

The same day, as I visited another beach and watched the violent sea and numerous youth ignoring safety calls, I noticed this dog relaxing on the granite boundaries, in a no emotion mood. The photo illustrated portrays the feelings, one similar to the helpless situation of the classmates of the students who went missing or dead on that day. All efforts failed as nothing could be done at this point of time except to remain silent at the probable loss of valuable human life.

If you are in a group, the tendency to explore and enjoy will be more. But remember always “SAFETY FIRST”.

“Wherever you are, Whatever you do, Be alert, Be Safe and think always about safety with an outlook – Safety for You, Safety for Me, Safety for All.”

My reaction to your news story, Dubai police officer dies trying to help woman (July 12) is that this is a tragedy – and especially because it was the second recent incident in which a police officer has been killed in this way.

It once again confirms that most people just don’t realise that disobeying traffic rules not only jeopardises their own lives but also those of others. It is a lesson some people seem determined to only learn the hard way.

These type of accidents are likely to encourage the authorities to enforce stricter traffic rules for the people’s own good. That is the right choice.

All drivers in the UAE– and especially the young ones – need to be educated about being patient behind the wheel, not texting or speaking on the phone while driving and not driving while tired.

Utilising the weekend off to explore unseen destination in the UAE, I visited the Jabal Al Jais mountain in the Ras Al Khaimah emirate. A beautiful place with excellent road facilities and directions.

However, I noticed one dangerous element in the top of the mountain that is accessible for visitors.

There are no protective railings or warning sign boards installed in the area.

I saw many people going closer to the edges and taking selfies in various poses, even jumping near the edge. This is alarming and an invitation for danger to happen.

Self restraint is a must to avoid dangerous situations, but a cautionary guidance from authorities will be a reminder and warning to those who venture into dangerous act.

This is one of the emerging tourist destinations and among the must visit site in the UAE and hope the relevant authorities will install necessary warning boards and protective rails to avoid danger. Safety First.

I love to explore and experience the beauty of this country, its culture and values. Each day brings out a joy of learning a thing new, irrespective of which side I get up, who double parks in front of my car, or who speeds and misses hitting my car while travelling between work and home.

The country is growing in pace and volume and along with it the diverse culture and style.

Several times I ask myself why the public has a tendency to violate rules and values when they clearly know that these are not to be violated especially during this holy period. A self-realisation from within is essential.

Adnoc Abu Dhabi International Marathon 2018

The Abu Dhabi Sports Council (ADSC) and the Abu Dhabi National Oil Company (ADNOC) announced, the inauguration of the ADNOC Abu Dhabi Marathon, which will be held, for the first time, on December 7, 2018, bringing the world’s oldest race to one of the world’s most modern cities, and deepening ADNOC’s commitment to the Abu Dhabi community.December 7, 2018